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Copper Investing News reports copper markets rallied this year and most of the gains took place in March 2009. Copper’s first impetus in the New Year came from steady withdrawals in London warehouse supply and increased purchases by China’s State Reserve Bureau. The latest gains were fuelled by the better-than-expected U.S. durable goods report. “The …
Copper Investing News reports copper markets rallied this year and most of the gains took place in March 2009.
Copper’s first impetus in the New Year came from steady withdrawals in London warehouse supply and increased purchases by China’s State Reserve Bureau. The latest gains were fuelled by the better-than-expected U.S. durable goods report. “The downturn in durable goods production is way overdone and there will be a significant bounce soon,” David Thurtell, an analyst at Citigroup Inc. in London, said by phone. “That implies a significant bounce in metals uptake as well.” A drop in the greenback also boosted the metal. The dollar slipped after U.S. Treasury Secretary Timothy Geithner said he was “quite open” to China’s suggestion of moving toward currency system linked to International Monetary Fund Strategic Drawing Rights.
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